The Polytechnic University of Milan and Bocconi University have chosen to combine their entrepreneurial innovation initiatives by transferring their funding and activities to the Tef Foundation (Tech Europe Foundation). The merger has a synergistic effect in terms of competence, uniting two complimentary skills—the Polytechnic University's technical-scientific expertise and Bocconi's managerial ability—that are required for the development of good entrepreneurial initiatives. This union is also significant due to the fact that 50% of startup entrepreneurs in Italy are graduates of these two universities. These two entities have raised about €6 billion. Tef was founded with the purpose of making Milan one of Europe's premier technological hubs. It will initially be able to count on 2,000 applications each year and over 70 creative enterprises. "True success", says Luca De Angelis, CEO of Tef, "will come when a foreign student, attracted by what we offer, decides to come to study here and then start their own business in Italy".